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Best Term Insurance Plan

Term insurance is one of the most important types of insurance policies. If you are a family person with a dependent spouse and children, a term insurance coverage policy should be a part of your financial portfolio. With a term plan, your family will get complete financial aid in case something were to happen to you in the near future. In short, a term insurance policy is a protection plan for your family in times of your absence.

At Coverfox, we have a wide range of term insurance plans for you to select, all at a click of a button. Now, you can easily buy, compare, and renew your favorite term cover policy in under 5 minutes.

Why are Term Plans Important?

As mentioned above, a term insurance policy is necessary if you are the sole breadwinner of your family. Accidents are uncertain. You will never know what will happen in the future. One thing is for sure; your family will require a regular source of income after you are gone. You do not want to leave them with outstanding debt. Neither should your family compromise on their standard of living. So buy a term plan today and live a stress-free life. Here are five reasons to buy a term insurance cover:

  1. Your family will be protected from outstanding debt when you are not around
  2. Your family will be given full financial support and stability
  3. The payout can be received in the form of a lump sum or in the form of regular installments
  4. You can utilize the payout for clearing any form of outstanding loans and debts
  5. A term plan is less expensive

What are the different types of term plans?

Here is a list of the most popular term policies in India. Plus, you can get all of these plans mentioned below on Coverfox!

  • Standard Term Plan
  • Term Return of Premium
  • Increasing Term Insurance Plan
  • Decreasing Term Insurance Plan
  • Life Stage Event Term Insurance Plan
  • Convertible Term Insurance Plan
  • Joint Life Term Insurance Plan
  • Group Term Insurance Plan

Term Plans offered by the Government of India

  • Aam Aadmi Bima Yojana
  • Pradhan Mantri Jan Dhan Yojana (PMJDY)
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY)
  • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Top Term Insurance Plans in India for 2020

eTerm Plans - Online Term Plans are plans that can be purchased online. The entire buying process is paperless, time-saving, hassle-free, and fast.

Term Insurance Plan Policy Term Entry Age Cover Amount (Min/Max)
SBI Life eShield Plan 18-65 years 18-65 years Rs. 25 lakhs
Max Life Online Term Plan Plus 18-60 years 18-60 years Rs. 2 Crores
LIC E-Term Plan 5-75 years 18-65 years Rs. 25 lakhs | Rs. 50 lakhs | Rs. 75 lakhs
Future Generali Flexi Online Term Plan 10-65 years 18-65 years Rs. 50 lakhs
Bharti AXA Term Plan eProtect 10-75 years 18-65 years Rs. 25 lakhs minimum
IDBI Federal iSurance Flexi Term Plan 10-62 years 18-60 years Rs. 50 lakhs to Rs. 30 Crores
ICICI Prudential iProtect Smart 18-60 years 18-60 years Rs. 50 lakhs to Rs. 1 Crore
Canara HSBC iSelect+ Term Plan 5-62 years 18-65 years Rs. 15 lakhs to Rs. 3 Crores
Bajaj Allianz eTouch Lump sum 18-65 years 18-65 years Rs. 50 lakhs minimum
Aegon Life iTerm Plan 18-65 years 18-65 years Rs. 35 lakhs to Rs. 50 lakhs

Disclaimer: The above information has been sourced from the official website of the respective insurance company. (last updated on 26-10-2020)

Regular Term Plans

Term Insurance Plan Policy Term Entry Age Cover Amount (Min/Max)
Tata AIA Maha Suraksha Supreme 10-40 years 18-70 years Rs. 50 lakhs to Rs. 2 Crores
SUD Life Abhay 15-40 years 18-65 years Max. life cover of Rs. 100 Crores
Shriram Life Cash Back Term Plan 10-25 years 12-50 years Rs. 2 lakhs - Rs. 20 lakhs
SBI Smart Shield 18-60 years 18-60 years Rs. 25 lakhs
Sahara Kavach 15-20 years 18-50 years Rs. 5 lakhs minimum
PNB MetLife Mera Term Plan 18-65 years 18-65 years Rs. 10 lakhs to Rs. 5 Crores
IndiaFirst Anytime Plan 5-40 years 18-60 years Rs. 10 lakhs to Rs. 49 lakhs
HDFC Life Click2Protect 3D Plus 18-65 years 18-65 years Rs. 1 Crore
Exide Life Smart Term Plan 10-30 years 18-65 years Rs. 5 lakhs to Rs. 10 lakhs
Edelweiss Tokio Life My Term+ 10-85 years 18-65 years Rs. 25 lakhs to Rs. 50 lakhs
Aviva LifeShield Advantage Plan 10-30 years 18-65 years Rs. 50 lakhs
Aditya Birla Sun Life Protector Plus Plan 5-70 years 18-65 years Rs. 30 lakhs minimum

Disclaimer: The above information has been sourced from the official website of the respective insurance company. (last updated on 26-10-2020)

Top 5 term insurance Policy

Here is a comparative list of the top 5 term insurance cover policies in the current insurance market.

Best Term Insurance Plan Age at Entry Sum Assured Policy Term
ICICI Pru iProtect Smart 18-65 years Rs. 10 lakhs min, no such limit on max. amount 5-40 years
Aegon iTerm Plan 18-65 years Rs. 25 lakhs min, no such limit on max. amount 5-40 years
HDFC Click 2 Protect Plus 18-60 years Rs. 10 lakhs min, no such limit on max. amount 10-40 years
Max Life Term Insurance Plus 18-60 years Rs. 25 lakhs min Rs. 100 Cr max 10-40 years
LIC’s e-Term Plan 18-60 years Rs. 50 lakhs min, no such limit on max. amount 10-35 years

Disclaimer: The above information has been sourced from the official website of the respective insurance company. (last updated on 26-10-2020)

Claim Settlement Ratio of Life Insurance Companies

Another aspect that must be looked into is the claim settlement ratio (CSR) of the insurance company. Claim settlement ratio is the ratio of no. of claims settled to the number of claims received, for a single financial year. The higher the claim settlement ratio, the better the financial strength of the insurance company.

Here is a list of insurance companies along with their claim settlement ratios.

Claim Settlement Ratio of all the Life Insurance companies for the financial year 2018 - 2019 as per the data released by the Insurance Regulatory and Development Authority of India (IRDAI)

Life Insurer Based on % of Policies Life Insurer Based on % of Policies
LIC of India 97.79% ICICI Prudential Life 98.58%
Aditya Birla Sun Life 97.15% IDBI Federal Life 95.79%
Aegon Life 96.45% India First Life 92.82%
Aviva Life 96.06% Kotak Mahindra Life 97.40%
Bajaj Allianz Life 95.01% Max Life 98.74%
Bharti Axa Life 97.28% PNB Met Life 96.21%
Canara HSBC OBC Life 94.04% Reliance Nippon Life 97.71%
DHFL Pramerica Life 96.80% Sahara Life 90.16%
Edelweiss Tokio Life 95.82% SBI Life 95.03%
Future Generali Life 95.16% Shriram Life 85.30%
HDFC Standard Life 99.04% Star Union Dai-ichi Life 96.74%
Exide Life 97.03% Tata AIA Life 99.07%

Disclaimer: The claim settlement ratio has been sourced from the official annual report of IRDAI.

In Simple Words,

A term plan is like a backup policy, on behalf of you, for your entire family. It is the best form of protection cover that you can leave your family with. Know more about term plans online, on Coverfox.

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